Torrent Power's net profit doubles in FY10

Torrent Power Limited, on Friday, announced that its consolidated net profit for the fiscal ended March 31, 2010 surged over two-folds to reach Rs 837.01 crore, from Rs 406.41 crore recorded in the previous fiscal. Total income also rose to Rs 5,957.64 crore from Rs 4,465.71 crore the last year. The board of the company has approved a dividend of Rs 3 per share, of face value Rs 10, for the year 2009-10.

Torrent Power has embarked up on an ambitious plan to commission 10,000 MW capacity at various locations, over the next few years. Currently, the company has a generation capacity of 1,647.50 MW. Power generated from its existing installations is being used to cater to Torrent Power's distribution customers, in Ahmedabad-Gandhinagar and Surat, numbering around two million.

The company's gas-based 1,147.50 MW Sugen mega power plant commenced operations in September last year.

The company is also in the process of commissioning another gas-based power plant in the Dahej special economic zone (SEZ), in Gujarat. Further, plans are afoot to set up a 2,000 MW coal based power plant in Saurashtra and a 1,000 MW coal-fired plant in Chhattisgarh, besides expanding the capacity of its Sugen plant to 3,000 MW. Pertinently, Torrent Power has formed a special purpose vehicle Pipavav Generation Limited, along with the government of Gujarat, to develop a 1,000 MW power project in the Amreli district of the state, at an investment of Rs 4,500 crore.